MVB Financial Q4 net income $6.5M ($0.50 diluted EPS); net interest margin expands 32 bps QoQ

MVB FINANCIAL CORP

2022-FY EPS reported $1.17

Q4 net income $6.5M vs $2.7M in Q3 2022; diluted EPS $0.50 vs $0.21; FY 2022 net income $15.0M vs $39.1M in 2021.
Net interest margin (tax-equiv) 4.57%, up 32 bps QoQ; net interest income $33.7M, up 12% QoQ.
Noninterest income fell 22.8% QoQ to $6.3M; exited bitcoin mining loans with $3.8M loss on sale of $10.7M loans.
Merger with Integrated Financial Holdings received shareholder approval; expected close in Q1 2023.
Net charge-offs $5.4M (0.91% annualized) vs $1.3M in Q3, driven by one commercial relationship and consumer portfolio.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

MVB FINANCIAL CORP reported the year ended December 31, 2022 results: net income $15,047, EPS $1.23 basic and $1.17 diluted earnings per share.

Period: the year ended December 31, 2022
Net income: $15,047
EPS: $1.23 basic and $1.17 diluted earnings per share
Result: reported results

Exact text from the filing

Net income $ 6,509 $ 2,718 $ 9,959 $ 15,047 $ 39,121 Earnings per share - basic $ 0.52 $ 0.22 $ 0.83 $ 1.23 $ 3.32 Earnings per share - diluted $ 0.50 $ 0.21 $ 0.77 $ 1.17 $ 3.10

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

MVB FINANCIAL CORP reported the three months ended December 31, 2022 results: net income $6.5 million, EPS $0.52 basic and $0.50 diluted earnings per share.

Period: the three months ended December 31, 2022
Net income: $6.5 million
EPS: $0.52 basic and $0.50 diluted earnings per share
Result: reported results

Exact text from the filing

today announced financial results for the fourth quarter and year ended December 31, 2022, with reported net income of $6.5 million, or $0.52 basic and $0.50 diluted earnings per share for the three months ended December 31, 2022.

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Source: SEC EDGAR

accession 0001277902-23-000023

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